Abokobi Rural Bank 28.7 m cedis profit

Abokobi (Greater Accra Region) 11 Oct 1998 The Abokobi Area Rural Bank recorded an operational profit of 28.7 million cedis as at the end of September this year.

Mr Roland Adzei Boi-Doku, Chairman of the Interim Management Committee (IMC) of the bank who announced this at its sixth Annual General Meeting (AGM) said aside of this, deposit increased by 167 million cedis from 289 million cedis to 456 million cedis.

Mr Boi-Doku said investment in treasury bills increased by 118 million cedis from 150 million cedis to 268 million cedis, while ordinary share capital increased by 6.8 million cedis from 11.4 million cedis to 18.2 million cedis.

He said loans granted by the bank last year to agriculture, transport, trading, cottage industry and others, amounted to 114.13 million cedis.

He disclosed that under the direction of management and the IMC, the bank's staff had within six months, recovered 18.52 million cedis out of the 150.4 million cedis granted as loans.

Meanwhile, a seven-member Board of Directors for Bank was elected by shareholders at AGM. The bank has been run by a five-member Interim Management Committee (IMC) since August, last year, following the dissolution of its former board.

Mr Roland Adzei Boi-Doku, Chairman of the IMC and three other members, Mr Sam Clegg, former editor of the "Daily Graphic", Mr Joseph Amoako, a lawyer and Mrs Esther Adjetey, a retired nurse, are among the seven elected members of the board.

The three new members are: Nii Afutu Brempong the third, chief of Danfa, Mr E.O. Mensah, a scientist and Mr Edmund Owusu-Sekyere, a businessman.